The Exchange at Spring Hill Station (formerly Dominion Square) Celebrates Groundbreaking Ceremony
This 516-unit transit-oriented development will host a community center operated by Fairfax County Neighborhood and Community Services and represents APAH’s strategic efforts to construct quality affordable housing in high-opportunity areas.
ARLINGTON, VA (December 19, 2023) – Leaders from Arlington Partnership for Affordable Housing (APAH), Fairfax County, The Fairfax County Redevelopment and Housing Authority, Amazon, project partners, and the Tysons community gathered to celebrate the groundbreaking of The Exchange at Spring Hill Station (formerly Dominion Square), which consists of two, 20-story mixed-use buildings, featuring 516 residential units and a publicly accessible community center. In addition to delivering crucial affordable housing for families with low to moderate income levels, this development will benefit the greater Tysons community with services and programs. The residential units are guaranteed to remain affordable for the next 99 years.
The groundbreaking ceremony was attended by a diverse group of stakeholders, including U.S. Congressman Connolly, local elected officials, partners, developers, and community members. The event celebrated the commitment to affordable housing in Tysons and the positive impact affordable housing will have on the community.
“This groundbreaking marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity,” said APAH President and CEO Carmen Romero. “The significance of this project is not lost on us—bringing the first 100% affordable deal to Tysons, a thriving, rapidly expanding community. The residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. Yes, where you build matters, but who you build for matters just as much.”
When completed, the development will consist of 112 one-bedroom units, 306 two-bedroom units, and 98 three-bedroom units with wide-ranging affordability. The breakdown of the units by area median income (AMI) is: 30% AMI for 100 units; 50% AMI for 125 units; 60% AMI for 175 units; and 70% AMI for 116 units. Additionally, there are 100 project-based voucher units within the building. The on-site community center, which will be operated by Fairfax County Neighborhood and Community Services, boasts 30,000 square feet, featuring a basketball court, fitness center, and county-run programming, all free and open to the public. The project is also a 10-minute walk to grocery and retail outlets, and just steps away from the WMATA Spring Hill metro station, providing extraordinary access to economic opportunity and mobility.
Chairman of the Fairfax County Board of Supervisors Jeffrey C. McKay shared remarks about the importance of affordable housing in Tysons. “Despite its economic muscle, Tysons has remained out of reach for many who work here to also live here. That is why the groundbreaking of The Exchange at Spring Hill Metro is so important. We are providing homes for those who fuel the local economy. In order to remain the economic hub of Fairfax County, Tysons’ workers need to have the opportunity to live near where they work,” said McKay.
Lenore Stanton, Chair, Fairfax County Redevelopment and Housing Authority expressed, “Affordable housing is a team sport. The building materials for The Exchange at Spring Hill Metro include a wide variety of finance and development tools utilized by many partners and the FCRHA team. The result is a reimagination of this property into more than 500 new, affordable homes. But more than that, by co-locating the Tysons Community Center here, we are also building a place where people can come together to socialize and learn, within walking distance to the Metro station.”
The Exchange is financially structured as two 4% Low Income Housing Tax Credit (LIHTC) deals. Virginia Housing provided a construction loan for permanent financing for one, and Bank of America and Freddie Mac provided construction and permanent financing for the second, with Fairfax County Redevelopment and Housing Authority (FCRHA) issuing bonds. Fairfax County provided gap funding, purchased the land, and leads the development of the community center. The Virginia Department of Housing and Community Development Governor’s pool bond allocation of $89 million plus gap funding from the Virginia Housing Trust Fund (VHTF) and Housing Innovations in Energy Efficiency (HIEE) were significant financing tools to make the project possible. Finally, Amazon’s Housing Equity Fund provided an unprecedented $56 million investment, which enabled APAH to build all 516 apartments at once, accelerating the construction timeline significantly.
“As the first 100% affordable multifamily development in Tysons, The Exchange at Spring Hill Station will provide residents with easy access to transit, access to some of the best schools, jobs and amenities in the region, all in the highly desirable Tysons community,” said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund. “We’re grateful for the opportunity to collaborate with APAH, with Fairfax County, Virginia Housing and the Governor’s office to support the creation of 516 new, family-friendly affordable homes.
“The Exchange is the latest example of how our partnership with APAH is creating more affordable housing for working families in a fast-growing community like Tyson’s Corner,” said Virginia Housing Chief of Programs Tammy Neale. “This project will benefit everyone who calls the Fairfax area home by leading the transformation of Spring Hill Road into a thriving mix of commercial and residential opportunities with access to public green spaces and other amenities.”
“The Exchange at Spring Hill Station will be the latest project to come out of our ten-year partnership with APAH,” said Larry Di Rita, President, Bank of America Greater Washington, D.C., which provided more than $227 million in financing for The Exchange. “The direct link between secure, affordable housing and financial success means that this development will make a positive difference on so many lives in Northern Virginia.”
“The Exchange development project is a shining example of expanding affordable housing throughout our region,” said Clark Construction’s Capital Group CEO, Lee DeLong. “We’re honored to build this project and contribute to a community that will provide safe and attainable housing for our Fairfax residents.” The Exchange is expected to deliver in approximately 4 years. For more information, visit truegroundhousing.org.
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About APAH
Founded in 1989, APAH helps more than 2,600 households live in stable, secure, affordable rental homes. APAH has nearly 714 affordable apartments under construction and an additional 1,500 in its development pipeline. As a CORES Certified Resident Services provider, APAH delivers comprehensive services to youth, families, and seniors across its 21 properties. APAH was named one of the nation’s Top 50 Affordable Housing Developers of 2019 by Affordable Housing Finance magazine. The organization was named 2021 Developer of the Year by the Housing Association of Nonprofit Developers (HAND). In 2022, APAH’s Queens Court Apartments received HAND’s Best Large Affordable Housing Project award and the Urban Land Institute’s inaugural Terwilliger Center Award for Innovation in Attainable Housing. Lucille and Bruce Terwilliger Place was named Best Affordable Housing Development at the 2022 Virginia Governor’s Housing Conference and received a Multi-Family Residential Award of Excellence at the Best of NAIOP Northern Virginia Awards 2022. In 2023, APAH received Montgomery Housing Alliance’s Developer of the Year award.
